I am not an attorney and I do not claim to be one.. but I have an opinion from experience.
Look at the contract and see f there is a mortgage contingency in there.. it woud read something along the lines of you "needing the mortgage to close" and if that is the issue, then I guess they have to wait. What else can happen? Are they going to pick you up and shake you upside down until the money falls out?
Are you represented by an attorney or the title company? either way speak to the closing authority to discuss the issues wth the lender and the extension.
Good Luck and let us know what happens!
Its is common for extensions to be needed, if something comes up. Even though its a seller's market right now your seller probably doesn't want to go back to taking offers and waiting for another underwriting process with another buyer.
I would advise to get a good commitment from your Loan Officer of how long it will take, and give a little cushion when asking for the extension so you're not asking again. Do not allow either agent to bully into a shorter term than what's needed. It frustrates me to no end when I give the time needed, and receive an extension with less time. I'm positive that your Loan Officer wants to close as bad as your agent; cutting a weeks out of the time needed on an extension only slows the process in the long term and gets everyone frustrated, it doesn't make the closing come any sooner.
I hope everyone involved keeps a clear head and gets you to closing as soon as possible.
Mortgage Counselor-NMLS 280951
However that does not mean the seller has to extend.
You can and should ask.
If you are certain it can be resolved, offer additional earnest money.
I would try to get a longer extension rather than two shorter ones.
Your realtor can and should help you through this, but again the seller does not have to grant the extension.
Isn't your real estate agent helping you with this? These are questions she should be giving your advice on since she represents you in this transaction.
There are amendments that have to be prepared and signed by both parties to extend the close date but they have to be done timely, depending on your contract and documents.
Ebby Halliday Realtors
Mobile Site: m.sherryrenfroe.com
Refer all your questions back to your Realtor who should be discussing your options.
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
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